[CLOSED] S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx

[Jonny Heggheim]

Wow lots of drama as always.

I totally understand and agree on how you view the money in the pool. I support the decision, since I have wondered why you have been giving loans on bad days (and they were only mentioned in loss carryover). Thanks for lending the money.

2 lines in assets sheet could also explain clearly:

Code:

Wallet pool:  +6100
Private loan: -6100

[Bugpowder]

Unreal.  The point of an IPO is to provide capital to run a company.

100% of the betting pool must be provided by IPO proceeds.

If not, S.DICE is just another bitcoin scam, albeit a more complex and profitable one than most.

Way to squeeze the last drop out of this lemon, Erik.

[ex-trader]

Unreal.  The point of an IPO is to provide capital to run a company.

That is not correct.

An IPO is simply the public sale of private shares. These can be:

1. Existing shares sold by owners to raise money for themselves.
2. New shares issued by the company to raise additional funds for the company.

It is often the case that an IPO consists of a mixture of both types. The exact nature is required to be clearly stated in the prospectus on a 'normal' regulated exchange.

[🏰 TradeFortress 🏰]

Unreal.  The point of an IPO is to provide capital to run a company.

100% of the betting pool must be provided by IPO proceeds.

If not, S.DICE is just another bitcoin scam, albeit a more complex and profitable one than most.

Way to squeeze the last drop out of this lemon, Erik.

Erik was selling off his own shares, not newly issued shares.

[StarenseN]

2 lines in assets sheet could also explain clearly:

Code:

Private loan: -6100
Funds raised by IPO tier 1: +35,000

FYP

[🏰 TradeFortress 🏰]

Funds raised by IPO tier 1: 0

Do you understand that selling your own shares of a company is not raising capital for the company?

[ex-trader]

It seems pretty clear here.......posted before the IPO date......

This is a legitimate question and I'm happy to respond.

As per the prospectus, 10% of the raised funds will be going to a high-profile print media campaign in European gambling/casino publications.  

The amount shown in the prospectus of the "nominal value" (10k btc) will be held and not spent, so that if there is some breech or insolvency it can pay back investors at that promised amount.

The rest goes to me. The vast majority of it I'll be holding as BTC because as you know I love Bitcoin more than anything.  Other than that, I'll be using some of the funds on two other startups I have in mind, but these are secret  Some money was spent on the new website, but those costs were already paid so this capital won't be going to that specifically.

Basically, I'm trying to bring a fraction of my future earnings of SD into the present as a lump sum.

[RationalSpeculator]

Let me step back a bit here.

My last few posts were unprofessional. I apologize for the tone. Having a bad day dealing with government bureaucracy =/

I absolutely should have disclosed that there was a betting pool, and that this pool consisted of the loan from me. The reason I did not was because I figured since there was a liability (the loan) and an asset (the 6100 btc in the wallet) the two cancelled out and needn't be mentioned. Obviously this was retarded of me. Again, I apologize. And I understand why such disclosure is so important even if the asset remains there - for situations like this!

I understand also that as a shareholder, being asked to forgo a month of dividends in order to replenish a fund which you didn't know existed is upsetting. I should have recognized this before I posted.

I'll continue with the last plan I mentioned. My dividends for June will be retained by the site for the betting pool. S.Dice holders will receive dividends as normal. I'm sorry for the drama today, I can see it was largely because of me and how I approached the issue and responded to you guys.

Back to work.

Thank you Erik, I value you taking ownership for the mistake you made.

About the pool, it looks like we will continue to be very dependent on your generosity in case it comes short due to a very unlucky month. Generosity that at any point in the future can be justly denied by you. Say sdice ends up with a loss of 15k btc. And you cannot or do not want to lend those extra funds, then every shareholder will have to provide capital or new shares will have to be issued, otherwise it will go broke. I see a potential big drama unfolding.

Wouldn't it be in the interest of all shareholders to withhold some % of the dividend to build up a stronger capital base, owned by the company? Or is above scenario unrealistic?


(unrelated, if sunnankar is correct there should be still 3450 btc in reserve for a marketing campaign, owned by the company, maybe these funds can be used instead to start building a stronger capital base/pool, owned by the company? that way you solve 2 problems in 1 go)

[fk1]

Hello everybody!

I don't want to disturb the main discussion but I think I missed the post with the explanation why There was no SD ividends in 06.06.2013. Well, at least I expected the date to be a date with dividends on bitfunder since the history of dividends paid told me so.

[FTWbitcoinFTW]

Hello everybody!

I don't want to disturb the main discussion but I think I missed the post with the explanation why There was no SD ividends in 06.06.2013. Well, at least I expected the date to be a date with dividends on bitfunder since the history of dividends paid told me so.

https://asktom.cf/index.php?topic=80312.msg2334099#msg2334099
No benefice for Sdice on May soo no dividend...

[nebulus]

Wow, that's unexpected! How about some good news for a change?

[FTWbitcoinFTW]

Wow, that's unexpected! How about some good news for a change?

4000BTC for this month already !! but Erik payback himself for a 6000BTC loan huhuhu

[fk1]

Thank you very much for the link. If I understand this right SD went slightly down in May but is running pretty good right now B)

[fk1]

Wow, that's unexpected! How about some good news for a change?

4000BTC for this month already !! but Erik payback himself for a 6000BTC loan huhuhu

can you explain the loan thing pls or link to a post? Ty

[FTWbitcoinFTW]

https://asktom.cf/index.php?topic=101902.msg2452138#msg2452138

[fk1]

Ok thanks. I think I have to do my homeworks in this thread

[Abu22]

Well last months neg profits will eat into this months...So It'd be pretty nice if this month went well.

[nebulus]

Wow, that's unexpected! How about some good news for a change?

4000BTC for this month already !! but Erik payback himself for a 6000BTC loan huhuhu

The whole profit thing only matters when the money gets put in wallets until then it's speculative.

Also, (harping on this now), it's kind of lame that the disclaimer said that the investors were buying into 10K of BTC equity but instead they bought 10K - 6.2K = 3.8K.

[Bugpowder]

Unreal.  The point of an IPO is to provide capital to run a company.

100% of the betting pool must be provided by IPO proceeds.

If not, S.DICE is just another bitcoin scam, albeit a more complex and profitable one than most.

Way to squeeze the last drop out of this lemon, Erik.

Erik was selling off his own shares, not newly issued shares.

There were no shares before the Tier 1 IPO.  I'm talking about the 10M shares that were initially offered when the security was created on MPEX.  I'm not talking about the extra 3M he sold later.  

The initial IPO yielded 35,000 coins. That 100% of those coins should go to enriching the founders, and 0% going to support the company is a pretty gross distribution for an IPO.

Then there is the whole unresolved issue of the mystery bettor that Erik knows, but we don't, that accounted for >50% of the lifetime volume.  We still have no evidence that those bets were not just IPO proceeds being recycled to prop up the share price for a better cashout. 10% loss on the distribution of the 35,000 BTC to shareholders, drive the price to .0075, dump 3M more shares right before the whale runs dry, increasing the total BTC extracted from the community by another 10,000 coins.  When the public appetite for new shares drops and looks unlikely to ever recover without restarting the whale-bot, seize an arbitrary number of coins from future dividends.

I wanted to believe in S.DICE. I DID believe in S.DICE... But after this last move, looks like a death spiral scam from my vantage point.  Other's risk tolerance may vary.

[ThickAsThieves]

Unreal.  The point of an IPO is to provide capital to run a company.

100% of the betting pool must be provided by IPO proceeds.

If not, S.DICE is just another bitcoin scam, albeit a more complex and profitable one than most.

Way to squeeze the last drop out of this lemon, Erik.

Erik was selling off his own shares, not newly issued shares.

There were no shares before the Tier 1 IPO.  I'm talking about the 10M shares that were initially offered when the security was created on MPEX.  I'm not talking about the extra 3M he sold later. 

The initial IPO yielded 35,000 coins. That 100% of those coins should go to enriching the founders, and 0% going to support the company is a pretty gross distribution for an IPO.

Then there is the whole unresolved issue of the mystery bettor that Erik knows, but we don't, that accounted for >50% of the lifetime volume.  We still have no evidence that those bets were not just IPO proceeds being recycled to prop up the share price for a better cashout. 10% loss on the distribution of the 35,000 BTC to shareholders, drive the price to .0075, dump 3M more shares right before the whale runs dry, increase the total BTC extracted from the community.  When the public appetite for new shares drops and looks unlikely to ever recover without restarting the whale-bot, seize an arbitrary number of coins from future dividends.

I wanted to believe in S.DICE. I DID believe in S.DICE... But after this last move, looks like a death spiral scam from my vantage point.  Other's risk tolerance may vary.

Welcome to the dark side!